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In this table the average relative prices of farm products are based on 16 articles from 1890 to 1907 and on 20 articles from 1908 to 1910; of food, etc., on 53 articles from 1890 to 1892 and from 1904 to 1907, 54 from 1893 to 1903, and on 57 from 1908 to 1910; of cloths and clothing, on 65 articles in 1909 and 1910, on 66 in 1908, on 70 in 1890 and 1891, 72 in 1892, 73 in 1893 and 1894, 75 in 1895, 1896, 1906, and 1907, and 76 from 1897 to 1905; of fuel and lighting, on 13 articles; of metals and implements, on 37 articles from 1890 to 1893, 38 in 1894 and 1895 and from 1899 to 1910, and 39 from 1896 to 1898; of lumber and building materials, on 26 articles from 1890 to 1894, 27 from 1895 to 1907, and on 28 from 1908 to 1910; of drugs and chemicals, on 9 articles; of house furnishing goods, on 14 articles; and of miscellaneous, on 13 articles.

The greatest advance in any group was in farm products, in which the advance in 1910 over 1896 was 110.2 per cent, making the price . in 1910 more than twice that in 1896, but in December, 1910, the price was below the average prices for the years 1909 and 1910. The average price in December, 1910, was lower than the average price for each preceding month of the year and was 16.9 per cent lower than for March, the month of highest prices for this group.

Food, etc., in the year 1910 was 53.6 per cent above 1896, and the December price was 53.8 per cent higher than the average price for 1896. In December, 1910, the price was 0.2 per cent higher than for the year 1910, and 3.4 per cent higher than the 1909 average price. Cloths and clothing in 1910 were 35.8 per cent higher than in 1897, and in December, 1910, they were 2.7 per cent higher than the 1909 average price.

Further study of the table shows that the 1910 average price for 7 of the 9 groups was higher than the 1909 average price and that 2 groups, fuel and lighting and house-furnishing goods, show a decrease. The December, 1910, average price of 6 groups shows a decline from the January, 1910, price by percentages from 0.2 to 11.2 per cent.

In order to follow the movement in the two great classes-raw and manufactured commodities-the following table has been prepared. The articles included under each of the two groups are indicated on page 311.

RELATIVE PRICES OF RAW AND MANUFACTURED COMMODITIES, BY YEARS, 1890 TO 1910, AND BY MONTHS, JANUARY TO DECEMBER, 1910, AND PER CENT OF INCREASE IN PRICES FOR 1910 OVER EACH PRECEDING YEAR, AND FOR DECEMBER, 1910, OVER EACH PRECEDING MONTH OR YEAR.

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In 1890 the relative prices of raw commodities were higher than those of manufactured commodities and remained so until 1893, when prices of raw commodities declined and those of manufactured commodities were slightly above the prices of 1892. From 1894 to 1896 there was a marked decline in both groups, the raw commodities being lower than the manufactured in each of these years. In

RELATIVE PRICES OF RAW AND MANUFACTURED

1890 TO 1910.

[Average for 1890 to 1899-100.0.]

COMMODITIES,

1000 IAN 1802 1803 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910

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1897 raw commodities advanced and manufactured declined. From 1898 to 1900 there was a decided advance in both groups each year, raw commodities advancing to a higher point than manufactured. In 1901 there was a very slight decline in raw and a more marked decline in manufactured commodities. In 1902 both groups made a decided advance, raw commodities much the greater, and in 1903 both slightly advanced. In 1904 both raw and manufactured commodities declined, but in 1905 both groups advanced. In 1906 both made a sharp advance, and another advance, equally great, was made in both groups in 1907. In 1908 both raw and manufactured commodities declined.

In 1909 both general groups advanced, but the increase in raw was much more marked than in manufactured commodities. In 1910 both groups advanced, but manufactured commodities made the greater gain. Both the raw and manufactured groups in March, 1910, were at the highest point attained during the 21 years covered. For the period included in this table it will be seen that generally during the years of high prices raw commodities were higher than manufactured commodities, and during the years of low prices raw commodities were lower than manufactured commodities. This is more clearly shown in the graphic table on page 326.

PRICES OF COMMODITIES, BY MONTHS, JANUARY, 1900, TO DECEMBER, 1910.

An opportunity is given in the table below to study the movement in prices for each of the 9 groups and for all commodities, month by month, from January, 1900, to December, 1910, inclusive.

RELATIVE PRICES OF COMMODITIES FOR EACH MONTH, JANUARY, 1900, TO DECEMBER, 1910, BY GROUPS.

FARM PRODUCTS.
[Average for 1890-1899-100.0.]

Year. Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. Nov.

Yearly Dec. aver

age.

1900.

1901.

1902.

104.5 108.7 109.8 114.3 110.8 109.6
112.8 113.2 114.0 115.9 116.8
126.7 126.8 129.0
134.4

137.7

1903.

123.3 124.8

127.0

125.0

122. 1

1904.

130.3 129.2

1905.

1906.

1907.

1908.

1909.

1910.

109.2 106.8 108.1 109.8
114.3 117.1 119.0 117.8 118.3
137.6 141.1 131.0 129.7 126.3 123.5
121.1 115.8 114.8 117.2 112.5 109.9
120.8 127.2
127.6 126.8 125.2 125.3
124. 1 125.9 127.1 127.0 125.2 126.2 128.9 125.3 120.4 120.1 119.7
119.5 118.7 119.4 122.5 124.2 126.2 124.0 122.8 123.8 125.2 126.9 130.0
129.0 134.6 135.4 136.5 139.9 144.2 140.5 141.0 145.5 144.4 128.9
129.8 128.8 134.2 135.0 134.9 132.8 134.0 133.8
138.5 141.7 147.5 149.7 156.4 155.7 153.3 149.6
169.4 175.1 181.0 177.0 168.5 163.3 161.6 161.6

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RELATIVE PRICES OF COMMODITIES FOR EACH MONTII, JANUARY, 1900, TO DECEMBER, 1910, BY GROUPS-Continued.

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